Relevant Media, page-92

This is in his article

An emerging rare earth success story

If Lynas is definitely not a small cap the next stock in terms of market value is also heading for the small cap exit.

In the same way Lynas leveraged its growth off a “China-dodging” deal with Japan, Australian Strategic Materials (ASX: ASM) is leveraging a similar deal with a consortium of Korean companies keen to secure their own supplies of rare earths.

The Koreans are paying US$250 million for a 20% stake in ASM’s Dubbo project in western New South Wales and while the Dubbo orebody (which was discovered more than 30 years ago) is rich in a variety of elements, including zirconia and niobium, it’s the neodymium that’s the main attractions.

Since the start of the year, ASM’s share price has risen by 33% from $6.58 to $8.70, valuing the business at $1.2 billion.